FTB Looking for advice.

meanmachine_2

Ian_W wrote:

Most moves are aspirational, not mandatory. If the vendor can't get the price they need to do what they want, they wait and eventually, if their estimate of the price of their property is over-inflated, pull the property off the market.

Read that again - very carefully.

What you're saying is that, if a vendor's price isn't met, then people don't move. So they don't move then. A house isn't sold and they have zero impact on the price for that street/area.

Meanwhile Bob down the road, who needs to sell, does so - and that becomes the new ceiling.

The only price that matters is the sale price. Asking prices are largely fantasy anyway.

If the ceiling price in my street is 100K, but my aspirational asking price is 500K, it's totally irrelevant. My property is never going to sell, and it's never going to become the ceiling price. It won't ever be recorded. It's a dream. A nonsense.

An asking price is just an aspiration. The sale price - as set by the buyer - is fact.

GingeG

hahha

Same here I was told there were two other bids higher than mine funnily when I pulled out a week or so later EA was ringing me!!

EA's work for theitr client!!! Remember thsi no matter how nice they appear to you they are not on your side.

Ian_W

Meanmachine wrote: Read that again - very carefully.
What you're saying is that, if a vendor's price isn't met, then people don't move. So they don't move then. A house isn't sold and they have zero impact on the price for that street/area.

Read it again, its correct - so what about the price for that street/area. Buyers not set the price, seller has, it's not reached - no sale ERGO buyer has not set the price.

Meanmachine wrote: If the ceiling price in my street is 100K ...

You've been watching too much of Kirsty & Phiwl, it's EA speak -SHAME ON YOU FOR FALLING FOR EA LINE - purchasers are different, sellers different, properties different [except perhaps boxes in a block but even they will have different views etc], motives different for every sale even in the same street. Aside from which, you've even misunderstood the EA speak you're trotting out. The ceiling is supposed to be the max acheivable for the street/area/type of prop therein - not just the latest or highest sale price yet acheived. But it's bunkem, how can there be a definative ceiling when EA's can't even agree on valuations?
Example, mate of mine on our street went up last summer for 260k, I know EA's had valued bet 230/240. Bit of interest then up pops a couple getting together with 2 families, had sold one house, other still on the market and sticking, his is large and ideal for them and they want it. He agrees to take theirs in PX if they meet the asking price. They agree and the record shows sale at 260 - is that the ceiling for our street. No, he just got lucky that things were right for both parties and I would still say identical houses on our street will 99.9% of the time "only" sell for 240ish. And BTW he didn't take a loss on the P/X, in fact made a couple of grand on what he gave + what he spent on it.

An asking price is just an aspiration. The sale price - as set by the buyer - is fact.

Yes, its an aspiration - stop repeating what I said - if it's not met sufficiently then no sale so buyer has FAILED to set sale price. The fact that it's not recorded is only of interest to anoraks who obsess on house prices/buying stats - not by failed buyer or failed seller, they move on to other things.
Trouble is mate, you can talk the talk but you've never walked the walk. It's all theory, you know more than most of us who've bought/sold several houses what should happen, but you don't actually know what does happen - still, as they say - them as can - do, them as can't teach!

Doozergirl

Ian_W wrote:

peace is reigning

where?

:rotfl: